Base chain’s Meme coin $NORMIE experienced a flash loan attack this morning, causing its price to plummet over 99% within a minute. Its market value dropped from $40 million to $160,000 at the time of writing.
Earlier today, the Meme coin $NORMIE in the Base ecosystem was targeted in a flash loan attack, resulting in a price crash of over 99% within a minute. The market value plummeted from $40 million to $160,000 at the time of writing. The attacker exploited the design flaws in the NORMIE token’s cross-chain bridge and tax mechanism to manipulate the price on the Base chain. This attack led to a sudden increase in supply, directly causing the price to collapse.
Overnight market capitalization evaporates by over 99% | Source: DEXscreener
Blockchain detective Zach revealed that the hacker behind this attack had financial support. According to ZachXBT, the initial funding for the $NORMIE attacker came from the privacy protocol Secret Network. This indicates that the attacker possessed substantial funds and technical capabilities to execute this flash loan attack precisely.
Source: X
In response to this hacker incident, the Normie project team has made an emergency announcement this afternoon. According to the official statement, the deploying wallet currently holds over 500 ETH, which will be used entirely to remedy this event. In the public statement, the Normie team stated that they are still evaluating whether a relaunch or fork is necessary. They emphasized that hasty decisions will not be made and are actively contacting key partners to resolve the issue as soon as possible. The team also reminded users not to purchase Normie tokens until the problem is resolved.
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